From Walt Arnold, CCIM, SIOR | Albuquerque, NM
Bob Clark, News Radio 770 KKOB: Walt, If a company is interested in leasing a commercial property what do they need to think about?
This process is called tenant representation and it is a process that helps companies analyze the best alternatives in the lease market. At Sperry Van Ness we have a well defined process that coordinates all the variables in the market ending with the best decision for a tenant.
But, what companies need to consider is this:
First, get out your lease today and find out when it expires and see if there are any options or provisions to remain past the expiration date.
Once you know when the lease expires and also know that the space isn’t meeting your needs any longer, get in touch with me at Sperry Van Ness and we can explain the process of tenant representation.
Landlords deal with leases all the time, most tenants deal with it once every three to five years. So it is definitely a benefit to a tenant to work with a commercial broker on looking for lease space or considering a renewal.
Bob: Is there a certain time a tenant should begin thinking about moving, how long before the lease expires should a company plan for a move.
The best answer for that is, it varies, and it varies by the size of the tenant. A smaller tenant can usually make the decisions within a relative short period say 3 to 4 months prior to the expiration of the lease. The larger the square footage requirement the longer it takes to survey the market, view properties, present the lease proposal, negotiate the lease proposal, tenant improvements, sign the lease, complete any improvements to the space and move in could take several months from start to finish, again depending on the tenant.
Bob: It appears that there are a lot of parts in getting to a leasing decision.
There are and a commercial real estate broker can assist companies to coordinate the entire process and help coordinate all those involved including architects, attorneys, contractors, landlords, space planners, furniture vendors and equipment companies to help make the move as smooth as possible.
And sometimes the best choice is not to relocate, but to remain in the building and negotiate with the landlord for improvements to make the space more efficient. We also help tenants renegotiate leases through the tenant representation process.
This process is a great benefit to the tenant and helps companies make wise leasing decisions
Bob: How can people get more information about this process?
Thanks, Bob, please call Walt Arnold, Sperry Van Ness, my direct line is (505) 256-1255 or reach on the web at waltarnold.com. We can help with all commercial real estate need including, sales, leasing, management, tenant representation and site selection. Thanks Bob, have a great week.
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